On the sidelines of the 19th International Conference & Exhibition on Liquefied Natural Gas (LNG2019) in Shanghai (April 1-5, 2019), Novatek Gas & Power Asia, a trading subsidiary of Russia’s NOVATEK independent natural gas producer, signed non-binding Heads of Agreement for the supply of LNG with Repsol and Vitol S.A.
The agreements envisage concluding 15-year-long contracts for annual deliveries on FOB terms of 1 mio tons of LNG to each of Vitol S.A. and Repsol, from the Arctic LNG 2 project to NOVATEK’s transshipment terminals in the Murmansk Region and Kamchatka Territory.
The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 mio tons per annum each, using gravity-based structure platforms. The Arctic LNG 2 extracts hydrocarbon resources of the Utrenneye field which has reserves of 1,138 bln cubic meters of natural gas.